Newsteer was retained by M&G to underwrite the proposed purchase of an approximately £130 million portfolio of 11 Waitrose stores offered through a sale and leaseback.
The client’s challenge
M&G needed specialist foodstore evidence to assess the occupational strength, rental profile and investment risk of a large portfolio transaction.
Our solution
Newsteer provided advice on foodstore supply and demand, rental values and the occupational market to support M&G’s underwriting of the portfolio.
Beyond advice: how we added value
Specialist foodstore knowledge added a trading and occupational perspective to the investment analysis, helping the client assess the assets beyond headline covenant and lease metrics.
Outcomes and impact
The advice provided M&G with the market evidence required to underwrite the proposed portfolio purchase.
